WASHINGTON (dpa-AFX) - Arrow Electronics, Inc. (ARW) reported first-quarter net income of $113.6 million or $1.00 per share versus $136.3 million or $1.16 per share last year.
Quarterly sales grew to $4.89 billion from $5.22 billion in the previous year.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share on revenues of $4.91 billion for the quarter. Analysts' estimates typically exclude special items.
Paul Reilly, executive vice president, finance and operations and chief financial officer, said, 'Looking ahead, we believe that total second-quarter sales will be between $5.04 and $5.44 billion, with global components sales between $3.37 and $3.57 billion and global enterprise computing solutions sales between $1.67 and $1.87 billion. Earnings per share, on a diluted basis, excluding any charges, are expected to be in the range of $1.08 to $1.20. Our guidance assumes that the average Euro to USD exchange rate for the first quarter is 1.31 to 1.'
Analysts expect the company to earn $1.23 per share on revenues of $5.21 billion for the second quarter.
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